The copper market recorded a deficit of 94 kt in January to December 2019 which follows a deficit of 275 kt in the whole of 2018. Reported stocks fell during December to close 42 kt lower than at the end of December 2018. This December decrease includes net deliveries of 63.8 kt out of the LME warehouses and Comex stocks dropped by 0.2 kt. Shanghai stocks rose fractionally during December. No allowance is made in the consumption calculation for unreported stock changes, particularly in the Chinese government stockpile.
World mine production in January to December 2019 was 20.69 million tonnes which was 1.7 per cent higher than in the same period in 2018. Global refined production for January to December 2019 was 23.72 million tonnes up 0.3 per cent compared with the previous year with significant decreases recorded in India (down 128kt) and in Chile (down 192 kt).
Global consumption for January to December 2019 was 23.82 million tonnes compared with 23.92 million tonnes for the same months of 2018. Chinese apparent demand for the period January to December 2019 was 12800 kt which was 2.5 per cent higher than the whole of 2018. EU28 production fell by 4.7 per cent and demand was 3069 kt, 7.5 per cent below the January to December 2018 total.
In December 2019, refined copper production was 2162.4 kt and consumption was 2121.9 kt.
Source: WBMS |
